Illinois Governor J.B. Pritzker announces relief for private student loan borrowers
Private student loan borrowers in Illinois who are struggling to make payments because of the coronavirus pandemic will have options to delay payments, among other choices.
Nearly 140,000 additional Illinois borrowers will be eligible for relief options, Gov. J.B. Pritzker said Tuesday at a daily news conference in Chicago.
Students with federal loans were already provided relief through the CARES Act. Under the act, borrowers will be able to suspend monthly payments, interest and involuntary collection until Sept. 30.
“However, the CARES Act left out millions of student loan borrowers with federal loans that are not owned by the U.S. Government as well as loans made by private lenders,” a statement from the governor’s office said.
Illinoisans with commercially owned federal loans or private student loans struggling to make their payments due to the COVID-19 pandemic will be eligible. Borrowers in need of assistance must immediately contact their student loan servicer to identify the options that are appropriate to their circumstances. Options include:
- Providing a minimum of 90 days of forbearance
- Waiving late payment fees
- Ensuring that no borrower is subject to negative credit reporting
- Ceasing debt collection lawsuits for 90 days
- Working with borrower to enroll them in other borrower assistance programs, such as income based repayment.
Borrowers can visit the Department of Education’s National Student Loan Data System at nslds.ed.gov or call the Department of Education’s Federal Student Aid Information Center at 1-800-433-3243 or 1-800-730-8913. Borrowers with private student loans can check the contact information on their monthly billing statements.
If a borrower experiences trouble with their student loan servicer, they can file a complaint with the following:
- IDPFR Division of Banking 217-785-2900 for information or to file a complaint with IDFPR at https://www.idfpr.com/admin/banks/DoBcomplaints.asp
- Attorney General’s Student Loan Helpline at 1-800-455-2456 or file a complaint with the Office of the Illinois Attorney General at https://illinoisattorneygeneral.gov/consumers/filecomplaint.html
- The Consumer Financial Protection Bureau at https://www.consumerfinance.gov/complaint/
Illinois joins California, Connecticut, Massachusetts, New Jersey, Vermont, Virginia and Washington state in establishing agreements with financial regulators and student loan servicers.
The governor also said the state will receive expanded federal benefits for families with school-age children who receive aid through the Supplemental Nutrition Assistance Program, or SNAP. About $112 million in additional assistance will go to roughly 300,000 families.
Pritzker said his administration hopes to expand SNAP eligibility to families who qualify for free or reduced price meals in school but who do not currently receive those benefits.
“No child should ever have to worry about where their next meal is coming from,” Pritzker said.
Southwestern Illinois coronavirus cases by county
Statewide, there were 1,551 new cases of coronavirus for a total of 33,059, and there were 119 additional deaths for a total 1,468 fatalities.
Here’s a breakdown of the number of people to test positive for COVID-19 in southwestern Illinois as of Monday:
- St. Clair: 300 positives, 19 deaths, 1,266 tests administered, 67 tests pending
- Madison: 188 positives, eight deaths, 62 hospitalized, 72 recovered
- Randolph: 59 positives, one death, three hospitalized, 38 recovered
- Monroe: 57 positives, seven deaths, seven recovered
- Clinton: 46 positives, 236 tests administered, two hospitalized, 14 recovered
Macoupin: 21 positives, 223 tests administered, two tests pending, 11 recovered
- Jersey: Ten positive cases, 80 tested, five recovered
- Washington: Seven positives
- Bond: Four positives, 51 tests administered, four tests pending, two recovered
- Calhoun: One positive, one recovered
- Perry: One positive
Capitol News Illinois contributed to this report.
This story was originally published April 21, 2020 at 2:59 PM.
